111
111
Mar 20, 2013
03/13
by
CNBC
tv
eye 111
favorite 0
quote 0
the europeans stepped in to stem the decline with the absolute dumbest bailout plan i had seen, to tax the depositors, the small-time depositors of a country with hot money, perhaps hot laundered money from russia. that's right. the europeans with the help of the imf reminding you just how stupid the concept of the euro is, how untenable it is to keep your money at a european bank. the moronic plan for cyprus gave a super reason to go right back into gold. now before i tell you how i think you're going to get still more fantastic chance to buy the precious metal, let me say i don't want to fall prey to the notion what should happen will happen. i think if i had money in the european bank, i would say to heck with it, i'm going put it in an american bank. who needs this worry? i would typically feel that way if i were wealthy and had the ability to wire the money with a key stroke to let's say jpmorgan where i got my money now. even with the revelations, revelations i should add, brought to light by jpmorgan itself. it's so easy to move your money, i can't believe any wealthy person sta
the europeans stepped in to stem the decline with the absolute dumbest bailout plan i had seen, to tax the depositors, the small-time depositors of a country with hot money, perhaps hot laundered money from russia. that's right. the europeans with the help of the imf reminding you just how stupid the concept of the euro is, how untenable it is to keep your money at a european bank. the moronic plan for cyprus gave a super reason to go right back into gold. now before i tell you how i think...
168
168
Mar 19, 2013
03/13
by
CNBC
tv
eye 168
favorite 0
quote 0
twhos depositests less than 100,000 euros could be spared the new bill taxes. >>> and u.s. investors get another check on the housing sector with new construction permits due later today. >>> reuters is now telling us that cyprus has reviewed a draft cypriot bill. it includes a levy spares thog those accounts of less than 20,000 euros from a tax in cypress. it would levy 6.5% on those between 20,000 and the 120,000 euros. it's waiting to see whether there would be additional levies on the counts of above 250,000 euros. i'm not sure if the math adds up to what cyprus needs to contribute so it would agree with european lenders. what's interesting about this is 6.75%, again, roughly consistent with what we were hearing prior to the fact that the international community wanted smaller deposit holders to be spared. those under 20,000 euros would be. but those between 120,000 paying 6.75% and crucially we know cypress didn't want this double digit tax increase on bigger accounts, this would keep the levy at 9.9% for deposits above 100,000 euros. potentially some pressure from the
twhos depositests less than 100,000 euros could be spared the new bill taxes. >>> and u.s. investors get another check on the housing sector with new construction permits due later today. >>> reuters is now telling us that cyprus has reviewed a draft cypriot bill. it includes a levy spares thog those accounts of less than 20,000 euros from a tax in cypress. it would levy 6.5% on those between 20,000 and the 120,000 euros. it's waiting to see whether there would be additional...
86
86
Mar 20, 2013
03/13
by
CNBC
tv
eye 86
favorite 0
quote 0
it reduces tax revenues, it reduces productivity. so i think it's very, very important that we act to address unemployment, and i think the federal reserve, i think most people would agree, the federal reserve has been fairly active in that regard. in terms of costs, there are a number of different costs, and i mentioned some of them in my remarks. i think one that has recently been discussed, governor stein brought it up in a speech, is the issue of financial stability. clearly, financial instability, if it were allowed to be sufficiently serious, would be a threat to employment, a threat to jobs, and a threat to production. so, obviously, given the experience of the past few years, we want to be sure that we're not unnecessarily encouraging excessive risk taking or other problems in the financial markets. we do address that through a number of means, including monitoring the financial system, regulation supervision, communication, and the like. but this is a potential concern that a number of my colleagues are worried about, and it
it reduces tax revenues, it reduces productivity. so i think it's very, very important that we act to address unemployment, and i think the federal reserve, i think most people would agree, the federal reserve has been fairly active in that regard. in terms of costs, there are a number of different costs, and i mentioned some of them in my remarks. i think one that has recently been discussed, governor stein brought it up in a speech, is the issue of financial stability. clearly, financial...
635
635
Mar 20, 2013
03/13
by
CNBC
tv
eye 635
favorite 0
quote 0
to levy a tax on regular deposits here or why not? >> well, as someone mentioned, cyprus is a tiny economy and i don't think that these issues, as worrisome as they are, and as concerned as we would be for the cypriot people, i don't think that they have a direct implications for the u.s. economy. the only way that they would create a problem would be if the runs became contagious in some sense. if depositors in other countries lost confidence. but to this point, i'm not aware of any evidence that that is, in fact, the case. the argument that the europeans are making is that cyprus is a unique situation, a very different situation, and indeed, it is quite unusual to have a banking sector as large as they have, relative to their economy. in terms of the united states. you know, the fdic was founded, i think, in 1934 and insures deposits and they're very proud of the fact that no one's ever lost a dime in insured deposits. and during the crisis, the response of the government was, in fact, to increase the level of, you know, deposit or
to levy a tax on regular deposits here or why not? >> well, as someone mentioned, cyprus is a tiny economy and i don't think that these issues, as worrisome as they are, and as concerned as we would be for the cypriot people, i don't think that they have a direct implications for the u.s. economy. the only way that they would create a problem would be if the runs became contagious in some sense. if depositors in other countries lost confidence. but to this point, i'm not aware of any...
154
154
Mar 18, 2013
03/13
by
CNBC
tv
eye 154
favorite 0
quote 0
those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european markets are in the red across the board as we've seen today. the ftse 100 down almost 1% and the xetra dax better than 1%. the ibex 35 is down 2%, roughly the same amount for the ftse mib. we can tell you that spanish and italian bonds have risen both on banks and for some of the periphery, showing pressure, as well. here is a look at some european banks. a mix there. on the left, you can see spain. banco santander down almost 4% some some cases. unicredit down almost 5%. moving to the french banks, credit agricole and bnp are showing
those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european...
99
99
Mar 22, 2013
03/13
by
CNBC
tv
eye 99
favorite 0
quote 0
so are taxes. and small business costs are reducing profits by as much as 65% according to one small business owner we will talk to tonight. and the virtues of a free market capitalism that we talk about every night on this show are now forbidden fruit at stanford university. a popular long running pro capitalist course at that school has now been cancelled. what is up with that? "the kudlow report" begins right now. >>> first up, a major vote in the cyprus parliament helping to get that country closer to a teal with the european union. michelle caruso-cabrera joins us from cyprus again this evening with the very latest. good evening, michelle. >> reporter: larry, lawmakers here in cyprus taking a huge step tonight to prevent the financial collapse of their country. they pass ad law that will allow for the restructuring of their banks. this essentially means their sickest and largest banks will be down sized and made more healthy. this was a key demand by the european partners in order to secure a
so are taxes. and small business costs are reducing profits by as much as 65% according to one small business owner we will talk to tonight. and the virtues of a free market capitalism that we talk about every night on this show are now forbidden fruit at stanford university. a popular long running pro capitalist course at that school has now been cancelled. what is up with that? "the kudlow report" begins right now. >>> first up, a major vote in the cyprus parliament helping...
66
66
Mar 18, 2013
03/13
by
CNBC
tv
eye 66
favorite 0
quote 0
cyprus tax bringing down u.s. markets is like? it's like a kim kardashian marriage, only lasted a short while and utterly meaningless. another said like a 20-buck battery grounding a 787 fleet. i'm glad these aren't coming up. and finally, it's like listening to mila kunis for stock picks. >> we do. >> leave that poor woman alone. >> now, tim, since you're long mila -- >> you've got to be -- wouldn't you be long the markets because of mila's comments? >> no. i wasn't listening to that news. but i like the way she articulated her point. and if she wants to understand more about it she should come down to "fast" in the studio and we'll talk more about it. >> wa, wa. >> jane-g to see you. before the break check lululemon. watching the shares tumbling. cutting its first quarter sales guidance. it's a developing story. and of course we'll bring in more of the trade and more of the news as we have it. but again, as you see there, a hard fall for lulu in the after hours session. >> looks like a downward dog, huh? no? are we still on air?
cyprus tax bringing down u.s. markets is like? it's like a kim kardashian marriage, only lasted a short while and utterly meaningless. another said like a 20-buck battery grounding a 787 fleet. i'm glad these aren't coming up. and finally, it's like listening to mila kunis for stock picks. >> we do. >> leave that poor woman alone. >> now, tim, since you're long mila -- >> you've got to be -- wouldn't you be long the markets because of mila's comments? >> no. i...
121
121
Mar 26, 2013
03/13
by
CNBC
tv
eye 121
favorite 0
quote 0
so the answer to this problem is not a new tax and it will eventually get passed on to the consumer. but big banks should worry. a vote in the senate does show that there is moment. >> bart, you're in the camp that says we should break up the big banks, that there is a thing, too big to fail. but what's too big? where's the watermark? at what point is that bank too big to fail? and who should decide that? >> it's a good question and does need to be studied. banks have been closed up $250 billion in assets. we roughly have five banks that are more than $500 billion in assets. it's the big five. and clearly they need to be broken up. we have a major taxpayer subsidy that we shelled out four years ago, five years ago, in terms of the bailout itself. we also now have too big to jail, with companies such as hspc, laundering over $200 trillion of money without any real penalty. >> but i think we should be skeptical of washington, because a few days before dodd/frank was signed into law, secretary geithner said this bill is too big to fail. we're figuring out now, it doesn't. >> yes, it cer
so the answer to this problem is not a new tax and it will eventually get passed on to the consumer. but big banks should worry. a vote in the senate does show that there is moment. >> bart, you're in the camp that says we should break up the big banks, that there is a thing, too big to fail. but what's too big? where's the watermark? at what point is that bank too big to fail? and who should decide that? >> it's a good question and does need to be studied. banks have been closed up...
39
39
Mar 19, 2013
03/13
by
CNBC
tv
eye 39
favorite 0
quote 0
no word yet on anybody voting for this new bank tax. but as bertha said, the situation inside cyprus very fluid. >> in the meantime, gold catching a bid there and you've got the euro pushing further to the downside. >> the problem is, with flight to safety, america's airports stink. so it's going to get harder. >> we may need a hearing on america's crumbling roads and bridges because a new report gives our infrastructure a d plus. it may not be an f but it sure isn't good. if that doesn't worry you, maybe this will. there are more than 67,000 bridges. classified as structurally deficient in america. pennsylvania governor ed rendell is here with us now. governor, another disturbing report from the asce. how do we do something about this? >> well, it's interesting, the last report was 2009 and the infrastructure got a d there. it went up to d plus based on some investments, the federal stimulus investments, some things that states have done, few things like rail jumped from a c minus to a c plus because of the joint program. so there were
no word yet on anybody voting for this new bank tax. but as bertha said, the situation inside cyprus very fluid. >> in the meantime, gold catching a bid there and you've got the euro pushing further to the downside. >> the problem is, with flight to safety, america's airports stink. so it's going to get harder. >> we may need a hearing on america's crumbling roads and bridges because a new report gives our infrastructure a d plus. it may not be an f but it sure isn't good. if...
552
552
Mar 18, 2013
03/13
by
CNBC
tv
eye 552
favorite 0
quote 0
the new tax on deposits, let's call it what it is, a wealth tax, has americans worrying about other tax havens. more than $20 trillion held around the world in offshore havens. their favorite tax havens are in the caribbean. namely the cayman islands, bahamas, british virgin islands. globally the channel islands, monaco, switzerland and swing pore. caribbean countries in much better financial shape and more stable legal systems than cyprus. the capital structure of some of these offshore banks remains a mystery. governments in the tiny island nations are notoriously prone to corruption and sudden policy shift. many say cyprus isn't likely to repeat soon. the crisis is another reason offshoring may become more risky for the world's wealthy. >> thank you so much, robert frank. >>> i'll talk exclusively with john thain next. >>> the potential for europe crisis to spread here. >>> later, march madness is here. should you keep your portfolio on the bench during the tournament? stay with us. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose
the new tax on deposits, let's call it what it is, a wealth tax, has americans worrying about other tax havens. more than $20 trillion held around the world in offshore havens. their favorite tax havens are in the caribbean. namely the cayman islands, bahamas, british virgin islands. globally the channel islands, monaco, switzerland and swing pore. caribbean countries in much better financial shape and more stable legal systems than cyprus. the capital structure of some of these offshore banks...
111
111
Mar 20, 2013
03/13
by
CNBC
tv
eye 111
favorite 0
quote 0
you do not pay tax. they have to have lawyers now, accountants and -- >> 9600 jurisdictions that they have to keep track of. and each one had that is a different set of rules and regulations. i hear the argument, it's not a big deal that someone will figure it out with software, it's not about the software, it's about compliance and aud auditing and small businesses spending time on paperwork instead of getting back to work. >> i feel it's a tax grab. what bothers me is you may favor that tax grab. that is my concern. can you dissuede me from that concern? >> i do not like this tax grab. states fund themselves with sales tax. it's the primary way that states generate, revenues for themselves. so we cannot take away the only way they generate revenue. >> some states. >> some, right, but maybe a better way to do it is to collect the tax in the state where the psmall business exist. >> how about that? >> that is what exists now, it's across state lines that we are talking about. >> go ahead. go ahead. pleas
you do not pay tax. they have to have lawyers now, accountants and -- >> 9600 jurisdictions that they have to keep track of. and each one had that is a different set of rules and regulations. i hear the argument, it's not a big deal that someone will figure it out with software, it's not about the software, it's about compliance and aud auditing and small businesses spending time on paperwork instead of getting back to work. >> i feel it's a tax grab. what bothers me is you may...
594
594
Mar 26, 2013
03/13
by
CNBC
tv
eye 594
favorite 0
quote 0
the corporate income tax bill will be tiny to nonexistent for years to come. there is another reason b&g gets a higher valuation and that's growth. b&g has been growing sales consistently while pinnacle sales have been flat. the valuation disparity with b&g, let's say pinnacle deserves to trade at 1.5 times sales. still a big discount to b&g. it would make this a $30 stock which is 50% higher than the high end of pinnacle's price range. i think $30 is therefore a reasonable target, especially since they are making smart moves. they are cutting costs. management is doing a terrific job. they held a conference call acting like they were a public company. the environment seems to be improving. pinnacle can always do another acquisition. the company is paying you to wait to get their house fully in order with that great dividend. let's not forget, last week ken powell was on the show, he told us that food inflation has peaked and competition is less fierce? that could help these guys. pinnacle foods reminds me of long-time "mad money" winner b&g. they've got some
the corporate income tax bill will be tiny to nonexistent for years to come. there is another reason b&g gets a higher valuation and that's growth. b&g has been growing sales consistently while pinnacle sales have been flat. the valuation disparity with b&g, let's say pinnacle deserves to trade at 1.5 times sales. still a big discount to b&g. it would make this a $30 stock which is 50% higher than the high end of pinnacle's price range. i think $30 is therefore a reasonable...
267
267
Mar 18, 2013
03/13
by
CNBC
tv
eye 267
favorite 0
quote 0
that's much higher than the russian corporate tax and the cyprus corporation tax. what happens then? >> larry, it's a bigger issue than that. because it's all about transparency. if the european central bank gets its hands on records in the republic of cyprus, all these little stories and hidden basic constructs will all become transparent. it's all about uncovering billions of dollars in dirty money. >> how will they do that? what i'm asking is, haven't the banks shielded the russians from all this? russian parks goods there. they send them off to iran and syria and other rogue states. money has never been a problem. cyprus has never reported them. why start now? >> they are going to be under a lot of pressure. they'll be under the ecb gun and have to clean up their act. as an absolute spin-off from that, they are going to have to be more transparent. it's going to happen. they can't do that. cyprus is their last vestage of offshore financial centers. they are all signing contracts with the u.s. and uk and germany. the only alternative they have to go all the way
that's much higher than the russian corporate tax and the cyprus corporation tax. what happens then? >> larry, it's a bigger issue than that. because it's all about transparency. if the european central bank gets its hands on records in the republic of cyprus, all these little stories and hidden basic constructs will all become transparent. it's all about uncovering billions of dollars in dirty money. >> how will they do that? what i'm asking is, haven't the banks shielded the...
46
46
Mar 25, 2013
03/13
by
CNBC
tv
eye 46
favorite 0
quote 0
and it was a tax shelter. so that's much more important than the sort of interest rate return that you might get. and these places just don't have strong banking authorities, that's the most important thing. >> hey, rich, do you think any of these really lost any money? there were stories of jets pulling up all week last week. it's all a little cozy relationship with russia, but do you think they lost any money? >> that's a great question. look, we all knew, or people who watched cyprus knew they had a long-term issue here. and there were reports of private jets coming in. but there was still a lot of russian cash that was in cyprus, you know, at the time of the blowout. so i think a lot of russians did take their money out, i think that's one reason we're seeing russians buy so much real estate in the united states. some of that money whether it was going to $88 million apartments in new york, i think some of that money came out of cyprus and people took it out in time. >> the russians are mad, right? they're
and it was a tax shelter. so that's much more important than the sort of interest rate return that you might get. and these places just don't have strong banking authorities, that's the most important thing. >> hey, rich, do you think any of these really lost any money? there were stories of jets pulling up all week last week. it's all a little cozy relationship with russia, but do you think they lost any money? >> that's a great question. look, we all knew, or people who watched...
209
209
Mar 22, 2013
03/13
by
CNBC
tv
eye 209
favorite 0
quote 0
now, some have expired, but california, the taxes were replaced with other tax increases. and some states are now proposing brand new taxes on the wealthy. of course, that's on top of that new federal tax hike. in minnesota, democratic ledge slay churps are proposing a temporary tax on the top 1% of earners to pay down debt for schools. in rhode island, a proposal to raise the top rate to 7.99% from 5.99% to fund the state budget. and from washington state to maine, politicians are now talking increasingly about more fairness in the tax code. but maria, fairness may be going too far, even for liberal talk show hosts. here's what bill maher had to say last week on his hbo show. >> i just want to say, liberals, you could actually lose me. it's outrageous what we're paying. over -- i'm willing to pay my share, but yeah, it's ridiculous. >> yeah, maria, when bill maher is standing up for wealthy tax payers? >> wow. >> you know you've gone too far. >> knock me out. bill maher admits it. >> yeah. >> just -- so, highest earners, the federal at 39.6, you have new york at 9.8, you
now, some have expired, but california, the taxes were replaced with other tax increases. and some states are now proposing brand new taxes on the wealthy. of course, that's on top of that new federal tax hike. in minnesota, democratic ledge slay churps are proposing a temporary tax on the top 1% of earners to pay down debt for schools. in rhode island, a proposal to raise the top rate to 7.99% from 5.99% to fund the state budget. and from washington state to maine, politicians are now talking...
86
86
Mar 18, 2013
03/13
by
CNBC
tv
eye 86
favorite 0
quote 0
low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> i want to show you what is happening with the markets because as we stand the dow is up by three points. remember at the beginning of trading this morning on all the cyprus fears that was down by 109 points. i'm going to do a shoutout to br
low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot...
164
164
Mar 21, 2013
03/13
by
CNBC
tv
eye 164
favorite 0
quote 0
is a tax is a tax. if you tax something more, you get less of it. piling on new taxes is always bad for economic growth period. and yet out of washington comes yet another proposal for another tax. this one known as the marketplace fairness act but it is just a national internet sales tax. could even hit your itunes downloads later on. last night here on "the kudlow report," republican senator kelly ayotte spoke out against this bill. take a listen. >> i think we need to rename this legislative proposal for what it is because what it is is it's the internet tax collection act. for those who believe that this is some kind of conservative bill, this isn't my idea of conservative. this is not about small government, this is about forcing businesses in states like mine with no sales tax to become the tax collectors for the nation. >> there you go. well said, senator. i say this is a big government, unprecedented power grab. it's paving the way, by the way, to a national sales tax. i truly believe that. but
is a tax is a tax. if you tax something more, you get less of it. piling on new taxes is always bad for economic growth period. and yet out of washington comes yet another proposal for another tax. this one known as the marketplace fairness act but it is just a national internet sales tax. could even hit your itunes downloads later on. last night here on "the kudlow report," republican senator kelly ayotte spoke out against this bill. take a listen. >> i think we need to rename...
673
673
Mar 19, 2013
03/13
by
CNBC
tv
eye 673
favorite 0
quote 0
or no tax. so they may have avoided imposing that 10% tax, but it certainly doesn't shore up any confidence in keeping your money in banks there. bill? >> all right. bertha, thank you very much. >> that's what it's all about. >> that is the key, right there. let's talk about it in today's "closing bell" exchange. steven hammers out there in the ether somewhere. it's randy batsman here next to me and our own rick santelli. rick, we're all getting a civics lesson on cyprus, that little tiny island in the eastern mediterranean. should in this matter with you putting a portfolio together here in the united states? >> oh, absolutely. have you noticed that the european central figures are a bit like the lemmings. every few quarters, they decide to take their launch off the cliff. and this time, i can't imagine who thought this was a good idea. i mean, if you look at cyprus' economy, there are two major factors to that economy. tourism and financial services. you could kill the financial services immed
or no tax. so they may have avoided imposing that 10% tax, but it certainly doesn't shore up any confidence in keeping your money in banks there. bill? >> all right. bertha, thank you very much. >> that's what it's all about. >> that is the key, right there. let's talk about it in today's "closing bell" exchange. steven hammers out there in the ether somewhere. it's randy batsman here next to me and our own rick santelli. rick, we're all getting a civics lesson on...
111
111
Mar 23, 2013
03/13
by
CNBC
tv
eye 111
favorite 0
quote 0
at these levels you rarely see a tax hike with that payout, and i think it is a sign of management's bullishness to commit to such a big dividend. congress also a turn-around story. back in december 1999 at the high-tech bubble, this was a $30 stock. i remember this. it was -- when i started trading stocks it was a big technique. then for the next years he went lower and lower and lower. or are we bottoming at four bucks and change. remember that? even after its recent run adware in 1999, but in recent years it made a number of moves to transform itself back. compuware is expanding quite rapidly. there's the cash cow for the company. then there's the comp management where they perform solution systems to test the mobile or cloud. there's the print. they have a rapid develop for -- and last but not least there's this thing called the cloud-based platform that enables companies to have a secure online communications with external audiences like customers, big customers, suppliers. in the latest it was up an 18% clip. many of these come from the higher growth businesses. in the next fis
at these levels you rarely see a tax hike with that payout, and i think it is a sign of management's bullishness to commit to such a big dividend. congress also a turn-around story. back in december 1999 at the high-tech bubble, this was a $30 stock. i remember this. it was -- when i started trading stocks it was a big technique. then for the next years he went lower and lower and lower. or are we bottoming at four bucks and change. remember that? even after its recent run adware in 1999, but...
120
120
Mar 25, 2013
03/13
by
CNBC
tv
eye 120
favorite 0
quote 0
to say that the little cyprus banks, bigger than cyprus itself, but the bigger cyprus bailout that taxes depositors is a line in the sand to cause a meltdown like synergy, they love irony. i'm telling you right here, right now, it won't. it didn't cause one last monday when people were unprepared for it then and it won't cause one this monday when people are prepared for it. what a terrible bailout it is. bye, bye, bye. i know everything pails in comparison to cyprus, but earnings did make or break stocks with nike to the upside and the fantastic quarter last night or oracle to the downside when it got crushed for a hideous quarter known for the horrendous number that is the company delivered. you know what? we'll have to pay close attention to earnings, even with cyprus, and that leaves us with dollar general, dg. it reports monday. last time dg spoke the company spoke about making less money per sale, that's the gross margin thing, and it was obliterated. the stock is in a comeback nicely above the horrific conference call we had last time. and that's the theme of this market, okay? he
to say that the little cyprus banks, bigger than cyprus itself, but the bigger cyprus bailout that taxes depositors is a line in the sand to cause a meltdown like synergy, they love irony. i'm telling you right here, right now, it won't. it didn't cause one last monday when people were unprepared for it then and it won't cause one this monday when people are prepared for it. what a terrible bailout it is. bye, bye, bye. i know everything pails in comparison to cyprus, but earnings did make or...
94
94
Mar 26, 2013
03/13
by
CNBC
tv
eye 94
favorite 0
quote 0
low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. how do traders using technical analysis streamline their process? at fidelity, we do it by merging two tools into one. combining your customized charts with leading-edge analysis tools from recognia so you can quickly spot key trends and possible entry and exit points. we like this idea so much that we've applied for a patent. i'm colin beck of fidelity investments. our integrated technical analysis is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> want to know who's making money in pharma stocks. rally on. a number of stocks highest levels in more than 11 years. among them, bristol-myers, valiant, allergen and
low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. how do traders using technical analysis streamline their process? at fidelity, we do it by merging two tools into one. combining your customized charts with...
94
94
Mar 25, 2013
03/13
by
CNBC
tv
eye 94
favorite 0
quote 0
they're paying payroll taxes already? >> of course they should pay their fair share of taxes. are they benefitting from things going on in our society? i think we do them a tremendous disservice when we say, there, there, little thing. we're going to take care of you. you can't do anything. >> it was ronald reagan and jack kemp who supported the idea of the earned income tax credit so people who were poor wouldn't have to pay their money to the tax man so they could use their wealth and use their resources to build their income and become part of the middle class. are you saying you don't support that concept? >> i think you make the system much more complex when you start exempting this group and that group. the fact of the matter is, if we have a fair taxation system, the economy is going to explode. you're going to have plenty of money. if you want to do something for those people in terms of money that you want to give to them or some program you want to make available to them, i'm all for that. but once we start tinkering with the system and saying, let's change it here a
they're paying payroll taxes already? >> of course they should pay their fair share of taxes. are they benefitting from things going on in our society? i think we do them a tremendous disservice when we say, there, there, little thing. we're going to take care of you. you can't do anything. >> it was ronald reagan and jack kemp who supported the idea of the earned income tax credit so people who were poor wouldn't have to pay their money to the tax man so they could use their wealth...
522
522
Mar 18, 2013
03/13
by
CNBC
tv
eye 522
favorite 0
quote 0
how did one potential bank tax on an island give everybody a market wedgejy? i asked, it's like fill in the blank. here's responses. it's like a 20 buck battery grounding entire 787 fleet. an unpruned tree in ohio taking down the entire northeastern power grid. like a kim kardashian marriage. only lasts a short while and utterly meaningless. bloomberg banning large sodas. sailing a carnival ship and expecting to make it home. like me giving a rip about honey boo boo's next show. >> i love all of those. >> i liked them all till the last one. jane wells has clearly not redneckognized that's a hot show. >> when you have to subtitle white people. >> thank you so much. we'll check out your blog. funny business. thanks for watching "street signs," everybody. >> closing bell. will we end the day higher? "closing bell," the most important hour of the trading day, is next. >>> hi, everybody. happy monday to you. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. the market made a comeback despite europe's market. we were positive about 3
how did one potential bank tax on an island give everybody a market wedgejy? i asked, it's like fill in the blank. here's responses. it's like a 20 buck battery grounding entire 787 fleet. an unpruned tree in ohio taking down the entire northeastern power grid. like a kim kardashian marriage. only lasts a short while and utterly meaningless. bloomberg banning large sodas. sailing a carnival ship and expecting to make it home. like me giving a rip about honey boo boo's next show. >> i love...
124
124
Mar 18, 2013
03/13
by
CNBC
tv
eye 124
favorite 0
quote 0
with the appeal of this tax on deposits, is it, in effect, people who are not merely cyprus tax voters and payers. >> why doesn't russia come and bail them out because essentially russia is just putting money back into its own pocket. the challenge comes again when these voters, voters get in the way. would they pallet giving taxpayer money in russia to them because that's who has the deposits. >> you're assuming a level of democracy in russia that may not exist. seems to me that the putin government could do anything that it wants. >> or half the parliament doesn't have its money in cyprus as well. >> you didn't say politicians. >> we should say that rich russians have been keeping money in cyprus for decades. even during communism. so there's a huge tradition there deep into politics. deep in politicians. that's part of the why. >> why is the u.s. interest and the interest of the imf when it comes to this issue? are they happen p by to so the these guys who have been seeking a tax haven lose money because as you point out they've been going after what happened in switzerland. if the
with the appeal of this tax on deposits, is it, in effect, people who are not merely cyprus tax voters and payers. >> why doesn't russia come and bail them out because essentially russia is just putting money back into its own pocket. the challenge comes again when these voters, voters get in the way. would they pallet giving taxpayer money in russia to them because that's who has the deposits. >> you're assuming a level of democracy in russia that may not exist. seems to me that...
611
611
Mar 22, 2013
03/13
by
CNBC
tv
eye 611
favorite 0
quote 0
a national internet sales tax isn't just talk anymore. we'll have a live report. only hertz gives you a carfirmation. hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, the moment you land. it's just another way you'll be traveling at the speed of hertz. it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide, as it gets to work. cisco. tomorrow starts here. from the united states postal service a small jam maker can ship like a big business. just go online to pay, print and have your packages picked up for free. we'll do the rest. ♪ >>> welcome back. the nuh-ew touch screen plaqubl is in stores today. >> now there is a report that apple could be stealing everyone's thunder with an event three months down the road. jackie deangelis has details on that. jackie? >> reporter: bill, maria, good a
a national internet sales tax isn't just talk anymore. we'll have a live report. only hertz gives you a carfirmation. hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, the moment you land. it's just another way you'll be traveling at the speed of hertz. it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most...
85
85
Mar 19, 2013
03/13
by
CNBC
tv
eye 85
favorite 0
quote 0
low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. ♪ [ male announcer ] it was designed to escape the ordinary. it feels like it can escape gravity. ♪
low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. ♪ [ male announcer ] it was designed to escape the ordinary. it feels like it can escape gravity. ♪
42
42
Mar 22, 2013
03/13
by
CNBC
tv
eye 42
favorite 0
quote 0
now, for advanced biofuels, there's still some support there through tax credits. and that's what the brazilian ethanol is getting right now. but we're now developing home-grown advanced biofuels. those advanced biofuels will come to the market. but we've got to give them space in the market. so we need to move this. as far as the automobile designers are concerned, you can't get to 40 mills a gallon, 50 miles a gallon without a higher octane fuel. and that higher octane comes from ethanol. and so we're working now with the big three automakers. what they want is, they want a stabilized fuel. they'll take e-30. e-30 works great. they say, just give us a fuel, we'll design the engine for it. on e-30, you can design a smaller, more powerful, cleaner burning, and more efficient engine. >> i would also like to pick up on the point about the ethanol industry creating jobs here in america. because i've been reading recently about, like, maybe two dozen or more ethanol plants that have been sitting idle and part of this is because of the extended drought that has really h
now, for advanced biofuels, there's still some support there through tax credits. and that's what the brazilian ethanol is getting right now. but we're now developing home-grown advanced biofuels. those advanced biofuels will come to the market. but we've got to give them space in the market. so we need to move this. as far as the automobile designers are concerned, you can't get to 40 mills a gallon, 50 miles a gallon without a higher octane fuel. and that higher octane comes from ethanol. and...
135
135
Mar 22, 2013
03/13
by
CNBC
tv
eye 135
favorite 0
quote 0
is there any way around fundamentally taxing deposits they're taxing the population? >> the obvious ways, when you have 68 billion of deposits and you have a failed institution, maybe that's one venue. but the constraint that you see there is that you have to insure the depositors, but ought to be the last one to be paying for that bill. and that is the problem. if you are too punitive of the other 100k depositors, then you hit the financial offshore of the environment. the choice should be obvious to the majority, at least to the european monetary union. >> and most people would assume before depositors were ever looked at as a source of cash, it would be the bondholders that got hit. if cyprus has to raise 67 billion and there's only 1.7 billion in bonds to go after, that won't solve the problem. should they still, though, have tried it? >> i think the natural way to proceed is first feed equity, then junior debt and then senior debt and, last, depositors. and that would very last insure the depositors. so yes, indeed. as you rightly pointed out, it's around 11.7 of
is there any way around fundamentally taxing deposits they're taxing the population? >> the obvious ways, when you have 68 billion of deposits and you have a failed institution, maybe that's one venue. but the constraint that you see there is that you have to insure the depositors, but ought to be the last one to be paying for that bill. and that is the problem. if you are too punitive of the other 100k depositors, then you hit the financial offshore of the environment. the choice should...
113
113
Mar 19, 2013
03/13
by
CNBC
tv
eye 113
favorite 0
quote 0
as part of that, you have to have tax reform and significant tax reform. and actually, simpson/bowles, a commission i served on, laid out a way to do it, got the tax rates down on the personal side to 9, 15 and 23% and the corporate to 26%. and you need to bring the corporate rate down to 24, 25, 26% and need to go to a territorial system. but you can't do that independent of the individual system, because if you have a huge gap between the top individual rate, say today it's at 42.5%, and if you took the corporate 25%, everybody started -- >> because then you have small business. small business got screwed at the expense of big businesses in the last tax bill. so you're right. so i -- look, i say, you're going to have big problems if you try to have a big personal and corporate together. i don't think it's possible. i don't know why you just can't do this. reform the corporate tax code. you can put limits on the deductions or -- i don't care. the president wants to do it. the republicans want to do it. just do it. but one exception. let small businessmen
as part of that, you have to have tax reform and significant tax reform. and actually, simpson/bowles, a commission i served on, laid out a way to do it, got the tax rates down on the personal side to 9, 15 and 23% and the corporate to 26%. and you need to bring the corporate rate down to 24, 25, 26% and need to go to a territorial system. but you can't do that independent of the individual system, because if you have a huge gap between the top individual rate, say today it's at 42.5%, and if...
158
158
Mar 21, 2013
03/13
by
CNBC
tv
eye 158
favorite 0
quote 0
the cuts and tax credits elsewhere. getting government spending down was necessary. the tax rise was necessary. but without growth, it can't work. and it's that lack of growth which has choked off this recovery and its deficit reduction plan. he did nothing yesterday. it was just more of the same. and i think around the world people will look tech uk and say if you wanted to know whether in a country even with a floating exchange rate could cut spending as a root to growth, they used to call it expansionary fiscal contraction. dead in the water. >> chancellor, thanks very much for joining us. kelly, back to you. >> great stuff there. and it's good to see you even if it's all the way across the city. coming up, when the the fed stop easing? deutsche bank's top economists think it could be by tend of the year. we'll put some questions to him when we come back. [ female announcer ] what if the next big thing, isn't a thing at all? it's lots of things. all waking up. connecting to the global phenomenon we call the internet
the cuts and tax credits elsewhere. getting government spending down was necessary. the tax rise was necessary. but without growth, it can't work. and it's that lack of growth which has choked off this recovery and its deficit reduction plan. he did nothing yesterday. it was just more of the same. and i think around the world people will look tech uk and say if you wanted to know whether in a country even with a floating exchange rate could cut spending as a root to growth, they used to call it...
40
40
Mar 21, 2013
03/13
by
CNBC
tv
eye 40
favorite 0
quote 0
they are insulted, some of them, at the prospect of taxing any deposits whatsoever. they don't want even the wealthy depositors to be taxed because they see it as an attack on their system here, their business model for the country, which contributes 50% of the gdp. they know there are going to be job losses widespread because they're shrinking the banking sector on purpose. that's really going to hurt here. >> michelle, thank you very much. we'll see you again. great reporting. >>> the trillion-dollar question, folks, is this. is cyprus a potential black swan with huge unforeseen consequences, or just a little island sideshow with no impact on your money? let's ask cio at bmo private bank and steve oth at federated investors. jack, how important is cyprus? >> it is important, brian. this is really the first test of eurozone financial system will. it's finally come down to an insolvency. and the fact that they were willing to impose taxes on deposits really sent shock waves not through -- not just through cyprus and through the eurozone but really through the world.
they are insulted, some of them, at the prospect of taxing any deposits whatsoever. they don't want even the wealthy depositors to be taxed because they see it as an attack on their system here, their business model for the country, which contributes 50% of the gdp. they know there are going to be job losses widespread because they're shrinking the banking sector on purpose. that's really going to hurt here. >> michelle, thank you very much. we'll see you again. great reporting....
40
40
Mar 25, 2013
03/13
by
CNBC
tv
eye 40
favorite 0
quote 0
no longer are taxpayers an sovereign tax holders bear the brunt of bailing out banks. very clearly, this man who is now at the helm of 17 finance ministers of the eurozone has today given a very pointed interview with reuters in the financial times in which he said, what we did last night is what i call pushing back the risks. if there is a risk in a bank our first question should be, okay, what are you the bank going to do about that? what can you do to recapitalize yourself? this is the big bit. if the bank can't recapitalize itself then we will talk to the shareholders and bondholders. we will ask them to contribute and recapitalizing the bank and if necessary the uninsured departme deposit holders. if you have money in an italian bank at the moment over 100,000 euros and it has to be restructured, you will likely be paying the cost of that on the what is now being said in europe. and the move sharply lower on all the banking stock and european stock markets. let me show you what happened in paris and you will see this roller coaster. some of the french banks were u
no longer are taxpayers an sovereign tax holders bear the brunt of bailing out banks. very clearly, this man who is now at the helm of 17 finance ministers of the eurozone has today given a very pointed interview with reuters in the financial times in which he said, what we did last night is what i call pushing back the risks. if there is a risk in a bank our first question should be, okay, what are you the bank going to do about that? what can you do to recapitalize yourself? this is the big...
87
87
Mar 26, 2013
03/13
by
CNBC
tv
eye 87
favorite 0
quote 0
i'm assuming the tax is 50%? >> yeah, but it's better taxwise to take it as a one lump-sum payment, and he's not going to put it in cyprus. >> good one. >>> okay. better off at a jpmorgan -- >> he did look happy, i have to say. >> if you would talk to robert frank, you would realize how little that money is. >> and realize how miserable and difficult his life is about to become. >> indeed he would be top in your survey. >>> just ahead on "street signs" t-mobile making a big move. the impact ahead. airlines gone wild, so much talk about baggage fees, tablets. we're hitting it all when "street signs" returns. ♪ ♪ [ male announcer ] how do you engineer a true automotive breakthrough? ♪ you give it bold styling, unsurpassed luxury and nearly 1,000 improvements. the redesigned 2013 glk. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. >>> tiger woods is back in a big way. brian, this is an amazing turnaround story. >> number one in the world today. won for
i'm assuming the tax is 50%? >> yeah, but it's better taxwise to take it as a one lump-sum payment, and he's not going to put it in cyprus. >> good one. >>> okay. better off at a jpmorgan -- >> he did look happy, i have to say. >> if you would talk to robert frank, you would realize how little that money is. >> and realize how miserable and difficult his life is about to become. >> indeed he would be top in your survey. >>> just ahead on...
184
184
Mar 20, 2013
03/13
by
CNBC
tv
eye 184
favorite 0
quote 0
around 15,000 and those below 100,000 would go tax free. on top of that, bond holders would have to be bailed in and there's talks that cyprus could sell state assets in banks and gas reserves most likely to russian investors but at this point all of the hopes are being pinned on what's coming out of russia and if all of this fails here's an interesting twist to the story. the archbishop has said that we're happy to give the state all of our resources which would be at least 3 billion euros to help the economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people can access their money in cyprus. >> absolutely. initial
around 15,000 and those below 100,000 would go tax free. on top of that, bond holders would have to be bailed in and there's talks that cyprus could sell state assets in banks and gas reserves most likely to russian investors but at this point all of the hopes are being pinned on what's coming out of russia and if all of this fails here's an interesting twist to the story. the archbishop has said that we're happy to give the state all of our resources which would be at least 3 billion euros to...
127
127
Mar 21, 2013
03/13
by
CNBC
tv
eye 127
favorite 0
quote 0
the president, congress, they decided to raise taxes on the wealthy, put through a payroll tax increase, entitlements. we've got two out of three going. we had the president and congress raising taxes on the wealthy. i don't think bernanke wants to be the fed of 1937 because the recession came back aggressively and it was only world war ii that made the hiring come back. he doesn't want to be the guy -- he'd rather be second-guessed by all the bears who come on and say he's got to tighten because my short positions aren't making any money. he's not responding to the people who are short. he's actually responding to the american people. old-fashioned kind of guy. >> in terms of the reaction in the markets after the ben bernanke news conference, was that surprising at all that, for whatever reason, for whatever he said, the markets managed to rise and actually reached the highs of the day afterwards? >> i think there were a lot of people who expected that he would put in some language that just says, we're not going to keep rates low indefinitely because we see real estate, affordability
the president, congress, they decided to raise taxes on the wealthy, put through a payroll tax increase, entitlements. we've got two out of three going. we had the president and congress raising taxes on the wealthy. i don't think bernanke wants to be the fed of 1937 because the recession came back aggressively and it was only world war ii that made the hiring come back. he doesn't want to be the guy -- he'd rather be second-guessed by all the bears who come on and say he's got to tighten...
108
108
Mar 26, 2013
03/13
by
CNBC
tv
eye 108
favorite 0
quote 0
if you have the right tax policy, liberalize corporate taxes, liberalized regulatory policy. if you let business in this country and small business grow. if you have a dream, a vision, an idea of empowerment and ownership and opportunity for everybody, that's the way to do this. that's the growth message. now, your man has the message. he just doesn't have the policy. that's the problem on the democratic side. >> well, i mean, here's -- i think there's -- with respect to the republicans, i know they like to make the argument that we're right about the policies. and somehow we lost an election. they lost the election because the american people did not buy their message or the policies. >> i agree with that. it was a very negative, very pessimistic message. and the issue of, look, reaching out to immigrants, reaching out to hispanics, let's use that. the difference between what jack kemp does -- did and the difference between what the republicans do today, kemp didn't reach out for the sake of winning a vote. he said to them, i'm going to create enterprise zones that are tax-f
if you have the right tax policy, liberalize corporate taxes, liberalized regulatory policy. if you let business in this country and small business grow. if you have a dream, a vision, an idea of empowerment and ownership and opportunity for everybody, that's the way to do this. that's the growth message. now, your man has the message. he just doesn't have the policy. that's the problem on the democratic side. >> well, i mean, here's -- i think there's -- with respect to the republicans,...
90
90
Mar 22, 2013
03/13
by
CNBC
tv
eye 90
favorite 0
quote 0
are we about to see a national internet tax, a tax on everything you buy online? it is on the hill today, and you need to see this report before your next click. and no more carrots. remember those thing. american tourist. you couldn't fit that in a carry-on if you tried. a major carrier experimenting with no more carry-s on. leave the luggage behind. you goat sit down first. it's a big change in the way america waits in line and flies away. sue is off today. simon is at the new york stock exchange. simon? >> and tyler, i'm slightly concerned for your european whack a mole you seem to have a very brutal hammer. let's move on and check where we are with the markets. after so many golden weeks of gains, it's been a little bit rough, but about 90 minutes ago we went positive. the dow went positive for the week. we were up over 90 points just shy of that, as you can see. let's have a look at where we are on the s&p right now. 1555 as we head into the weekend. we'll check on golds and brented a we work our way through the program. let's see what the mood of bob pisani
are we about to see a national internet tax, a tax on everything you buy online? it is on the hill today, and you need to see this report before your next click. and no more carrots. remember those thing. american tourist. you couldn't fit that in a carry-on if you tried. a major carrier experimenting with no more carry-s on. leave the luggage behind. you goat sit down first. it's a big change in the way america waits in line and flies away. sue is off today. simon is at the new york stock...
218
218
Mar 21, 2013
03/13
by
CNBC
tv
eye 218
favorite 0
quote 0
. ♪ hallelujah >> washington raised income taxes on the wealthy. >> boo! >> took the top marginal rate to the astounding 75% and instituted a 2% payroll tax for social security. their goal? they wanted to start trying to balance the budget because the president and treasury secretary were worried about the long term deficit? does that sound familiar? at the exact same time, the fed tightened rates, doing what all the bears say bernanke should do, betting that inflation could rage and rage easily if the fed stayed easy, which is what his critics are saying he should do right now. but when we went down this road in 1937 it sent the economy into an amazing tail spin. causing a recession within a depression. it was an economic calamity that was totally avoidable if the people in power made different, smarter choices. especially the federal reserve. ben bernanke does not want history to repeat itself. he's not going down the path of what the fed did in 1937. he's not stupid. even though that's exactly the path unfortunately that the president and congress are t
. ♪ hallelujah >> washington raised income taxes on the wealthy. >> boo! >> took the top marginal rate to the astounding 75% and instituted a 2% payroll tax for social security. their goal? they wanted to start trying to balance the budget because the president and treasury secretary were worried about the long term deficit? does that sound familiar? at the exact same time, the fed tightened rates, doing what all the bears say bernanke should do, betting that inflation could...
93
93
Mar 25, 2013
03/13
by
CNBC
tv
eye 93
favorite 0
quote 0
the tax hikes combined with the cuts will start taking effect at the beginning of the month. >>> and further developments in the jpmorgan london wales case. the u.s. department of justice is in the advanced stages of an investigation into former traders in jp morgan chase's chief investment officers in london. the doj is looking into whether trade is endwaged in criminal misconduct and deliberately mislabeled certain complex missions. >>> and the sales of the latest smartphone for blackberry seems to be a buzzkill. it carried at at&t stores last week and will take bu on verizon's network this week. blackberry is set to report earnings this thursday. >>> anapoly is adding to its list of technologies. wi-fi slam has been added to apple. it helps find locations when they are inside a building. last year, apple introduced its own mapping software to replace google's. the switch resulted in customer complaints and negative reviews to which the apple ceo tim cook has apologized. >>> now, there's still numerous unknowns about the cyprus bailout, including exactly how much depositors will ha
the tax hikes combined with the cuts will start taking effect at the beginning of the month. >>> and further developments in the jpmorgan london wales case. the u.s. department of justice is in the advanced stages of an investigation into former traders in jp morgan chase's chief investment officers in london. the doj is looking into whether trade is endwaged in criminal misconduct and deliberately mislabeled certain complex missions. >>> and the sales of the latest smartphone...
104
104
Mar 19, 2013
03/13
by
CNBC
tv
eye 104
favorite 0
quote 0
are you surprised at all that parliament rejected this depositor tax? >> not at all. i mean, when you -- >> it's crazy. >> it's more than that. i think there's something more being done here and said. not necessarily verbally, but if you look at, it started friday. effectively, the banks have been closed for five days. the chaos that that will cause to the cyprus economy, if it were in this country, alone, would be dramatic. >> how do you propose cyprus gets bailed out? >> well, i think, historically, in the bailout situations, all the other countries have been bailed out appropriately, meaning that the bailouts come from the european markets. here, unprecedented and contrary to the insurance laws, and the rule of law concept, they are taking the money from the depositors. what faith will they have now, aside from cyprus, what are the other member states and their deposits have to say? remember, the concept of the eu was to have a unified national union of sorts. in this country, if we had one state or one bank going under, we wouldn't expect all the depositors throug
are you surprised at all that parliament rejected this depositor tax? >> not at all. i mean, when you -- >> it's crazy. >> it's more than that. i think there's something more being done here and said. not necessarily verbally, but if you look at, it started friday. effectively, the banks have been closed for five days. the chaos that that will cause to the cyprus economy, if it were in this country, alone, would be dramatic. >> how do you propose cyprus gets bailed out?...
596
596
Mar 21, 2013
03/13
by
CNBC
tv
eye 596
favorite 0
quote 0
closer to that $5.8 billion that troika wants them to come up, when they originally, why don't you tax depositors. this reduces that. secondly, it also protects everybody under 100,000 euros. everybody in both banks stays protected underneath the insurance threshold. now, who's going to end up getting taxed, levied, taking a haircut, anybody who's got over 100,000 euros in the account. they're going to probably suffer on-paper losses of 30 to 40%, maybe 50%. for that, they'll be given stakes in a new bank, in the new bank that will hopefully over time give them money or the wind-down of the assets of the old bank, the bad bank will pay them off over time. that's the situation. the employees are angry because they're worried they're going to lose their jobs. it's quite possible, because once you have two banks come together, what do you do? you get rid of branches, you have synergies in employment as the institution merges the together. the employees here are very, very angry about what they've heard. >> it's not the family. it's germany and other countries. they are not our friends. >>
closer to that $5.8 billion that troika wants them to come up, when they originally, why don't you tax depositors. this reduces that. secondly, it also protects everybody under 100,000 euros. everybody in both banks stays protected underneath the insurance threshold. now, who's going to end up getting taxed, levied, taking a haircut, anybody who's got over 100,000 euros in the account. they're going to probably suffer on-paper losses of 30 to 40%, maybe 50%. for that, they'll be given stakes in...
266
266
Mar 18, 2013
03/13
by
CNBC
tv
eye 266
favorite 0
quote 1
when i asked stewart what was he thinking about cyprus and the atm bank lines and the tax scheme where they essentially bang the depositors for money. they violated the sacrosanct compact, i told them that was meant to protect those deposits. stewart's all about common sense. he didn't think all of that much about the cyprus story. more importantly, he was hoping we wouldn't make too of it on this show because it would blow over since cyprus was a special case which couldn't have been extrapolated and maybe even rally a little. then i went home after having some breakfast and i set out to study the charts and more on this later and settled in for ncaa bracketology while watching the canes play the tar heels. i liked to stay focused on march madness i began to get bombarded by emails from bears worldwide -- [ shots fired ] brown bakers kodiak, even koalas, telling me, this is it, jim, this is the big da ca hunna that i was being way too glib about the confiscation scheme that would rock my world. i knew not to dismiss the darn cyprus situation. i bothered to argue back, silly me. first
when i asked stewart what was he thinking about cyprus and the atm bank lines and the tax scheme where they essentially bang the depositors for money. they violated the sacrosanct compact, i told them that was meant to protect those deposits. stewart's all about common sense. he didn't think all of that much about the cyprus story. more importantly, he was hoping we wouldn't make too of it on this show because it would blow over since cyprus was a special case which couldn't have been...